taxed on cashes?

[GrannyMae]

i have not gotten paid yet for my round one win. do they take taxes out from 7,100?


tia

[okayplayer]

I don't think they take taxes out ever - if you cash over 10k, they give you a form to fill out for taxes I am pretty sure, but I haven't heard of them taking taxes out for you.

[Kevmath]

Won't you get paid when you actually get eliminated?

[bwana devil]

richard hatch found out the hard way that the answer is "no" for him. he was sentenced to 51 months yesterday.

edit: kev, youre right.

[Kevmath]

I thought he started his jail term yesterday.

Back to the topic, I'm assuming you'll be getting some sort of form from Harrah's when you get your money.

Edit: He actually got moved to a federal prison out in Oklahoma recently.

[AcesUp]

[ QUOTE ]
I don't think they take taxes out ever - if you cash over 10k, they give you a form to fill out for taxes I am pretty sure, but I haven't heard of them taking taxes out for you.

[/ QUOTE ]

They don't take any taxes out (assuming you are a US Citizen), but you will have to fill out a form (W2-G) for *any* win in a WSOP event (other than satellite). It gets reported to the IRS, and you are expected to pay appropriate taxes.


-Aces

[GrannyMae]

[ QUOTE ]
[ QUOTE ]
I don't think they take taxes out ever - if you cash over 10k, they give you a form to fill out for taxes I am pretty sure, but I haven't heard of them taking taxes out for you.

[/ QUOTE ]

They don't take any taxes out (assuming you are a US Citizen), but you will have to fill out a form (W2-G) for *any* win in a WSOP event (other than satellite). It gets reported to the IRS, and you are expected to pay appropriate taxes.


-Aces

[/ QUOTE ]


i actually wanted them to do the witholding. makes it easier.

[theseus51]

So if the event is $1000 buy-in, and you cash for $3000, do you pay taxes on the $3000 or just on the $2000 profit?

[ QUOTE ]
So if the event is $1000 buy-in, and you cash for $3000, do you pay taxes on the $3000 or just on the $2000 profit?

[/ QUOTE ]

3K gets reported as AGI, and then you write the 1K buy-in off.

Don't forget to report the 1K if you qualified though! /images/graemlins/grin.gif

[Praetor]

Do non-US citizens have to pay taxes on WSOP cashes?

[Whitewash]

[ QUOTE ]
richard hatch found out the hard way that the answer is "no" for him. he was sentenced to 51 months yesterday.

[/ QUOTE ]

Is this some kind of joke? 51 months for failing to pay tax on $1 million?

[broiler]

Hatch did worse than not pay tax on his big win. He also failed to pay tax on about $250k of other income from a radio station. Hatch also lied about his reasons for not reporting the income in court. His story changed multiple times throughout his trial as the prosecution poked holes in his story. The tax bill after penalties and interest were reportedly greater than the amount of the income that he failed to report, which makes sense with how long he dragged this out in court with his ridiculous claims.

[Shroomy]

http://forumserver.twoplustwo.com/showfl...e=0#Post6709692 (http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=6709692&an=0&page=0#Post 6709692)

/images/graemlins/smile.gif

[Kevmath]

From this article, (http://www.pokerplayernewspaper.com/viewarticle.php?sort=topic&id=1322) it explains why Harrah's is issuing W-2G's and 1042S forms to those who win at the WSOP when others don't.

[Maple Leafs]

[ QUOTE ]
Do non-US citizens have to pay taxes on WSOP cashes?

[/ QUOTE ]
I believe they may withhold some, but you should be able to get much of that back once you're home.